Binance Coin (BNB), 21st Burn Completed!

The world’s largest cryptocurrency exchange BinanceA remarkable statement came from The company has so far released Binance Coin (BNB), known as its own cryptocurrency. 21. burning process performed. Thus, the supply of BNB in ​​the market has decreased a bit more.

Binance burns Binance Coins once every three months. For those who don’t know, let’s explain: Burning a cryptocurrency means a certain amount of that currency. to be destroyed means. This reduces the amount of money produced. This normally leads to the appreciation of cryptocurrencies. Because of the burning of that cryptocurrency Availability is declining.

In Binance’s 21st burn, 2.06 million BNBs were destroyed!

When we look at the official statements made by Binance; 2 million 65 thousand 52 units We see that the BNB burning has been carried out. These coins are approx. $548 million worth. Binance will re-execute this transaction after three months. We will find out how many BNBs will be destroyed in the next close, when that day comes.

Why is Binance Coin (BNB) being burned?

In the whitepaper of Binance Coin released in 2017, this cryptocurrency has never been It should not be over 200 million emphasis is made. This is a strategy entirely determined by the developers. This is where the combustion process comes into play. According to the information in the Binance Coin whitepaper, the developer team will receive BNB with 20 percent of its profits every 3 months. A certain part of the remainder will be burned. The burning process is the share of Binance Coin in the market. until it drops to 100 million to be continued.

How did the burn affect the BNB price?

Featured above on Coinmarketcap BNB price chart you see. According to this chart showing the daily period, the instant price of BNB is around $259.89. However, we can easily see that the burning process that took place in the past hours had a positive effect on the prices. The main reason for the drop in 24 hours is Bitcoin. falling hard can be interpreted as Bitcoin, which was above $ 19,000 24 hours ago, is currently trading at $ 18,374. The decrease of about 4% has affected other cryptocurrencies along with BNB.

Last week, 2 million BNBs were printed and there was a serious theft!

We asked an expert: Whose pocket did the stolen money come from?

This content cannot be considered as investment advice.